Grassi Investment Management

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 21, 2025), Grassi Investment Management reported 130 stock positions worth $1.2 billion. Its top holding was Nvidia (NVDA) at 19.1% of the portfolio, followed by Apple (AAPL, 7.1%) and Microsoft (MSFT, 5.8%). Compared with Q3 2024, it opened 8 new positions, sold out of 6, added to 22 and reduced 56. The biggest buy was Broadcom Pte (AVGO, shares +1%) and the biggest sale Applied Materials (AMAT, shares −0%).

Most Recent 13F
Q2 2025
Location
SANTA CLARA, CA
CIK
0001608531
Portfolio Value
$1.2B (Q4 2024)
SEC Filing
0001608531-25-000003 ↗ filed Jan 21, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.1B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.2B $1.2B Q4 2024 Q1 2025: $1.1B Q1 2025 Q2 2025: $1.3B Q2 2025

Holdings 130 stocks · $1.2B
NVDA Nvidia Corp. 19.06% 1,662,795 $223.3M Reduce -1.7%
AAPL Apple Inc. 7.13% 333,458 $83.5M Reduce -2.2%
MSFT Microsoft Corp. 5.81% 161,607 $68.1M Reduce -1.0%
AVGO Broadcom Pte Ltd. 5.39% 272,375 $63.1M Add +0.5%
LLY Eli Lilly & Co. 5.24% 79,512 $61.4M Add +0.3%
AMAT Applied Materials Inc. 3.82% 275,101 $44.7M Reduce -0.4%
V Visa Inc. Class A 2.68% 99,274 $31.4M Reduce -1.7%
PLD Prologis Inc. 2.29% 254,325 $26.9M Add +0.9%
JPM JPMorgan Chase & Co. 2.16% 105,585 $25.3M Reduce -0.8%
CAT Caterpillar Inc. 2.07% 66,954 $24.3M Reduce -0.3%
BX Blackstone Inc. 1.69% 114,621 $19.8M Reduce -3.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.60% 426,750 $18.8M Reduce -1.0%
PG The Procter & Gamble Co. 1.49% 104,400 $17.5M No change
ABBV Abbvie Inc. 1.49% 97,925 $17.4M Reduce -1.3%
AMD Advanced Micro Devices 1.45% 141,130 $17.0M Add +0.3%
ORCL Oracle Corp. 1.40% 98,395 $16.4M Reduce -1.0%
AMZN Amazon.com Inc. 1.31% 69,875 $15.3M Reduce -3.6%
MS Morgan Stanley 1.30% 120,750 $15.2M No change
MAR Marriott International Class A 1.19% 50,000 $13.9M No change
HD Home Depot Inc. 1.19% 35,805 $13.9M Reduce -1.2%
ABT Abbott Laboratories 1.19% 123,054 $13.9M Reduce -1.2%
HON Honeywell International Inc. 1.16% 60,246 $13.6M Reduce -1.2%
WFC Wells Fargo & Co. 1.12% 186,613 $13.1M Reduce -2.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.10% 58,650 $12.9M Reduce -0.3%
LMT Lockheed Martin Corp. 1.07% 25,837 $12.6M No change
SNOW Snowflake Inc. 1.04% 78,670 $12.1M Reduce -0.8%
RIO Rio Tinto PLC-Spon ADR 0.99% 197,004 $11.6M Reduce -0.9%
VMC Vulcan Materials Co. 0.99% 44,952 $11.6M No change
UNP Union Pacific Corp. 0.97% 49,983 $11.4M Reduce -1.4%
NOW ServiceNow Inc. 0.97% 10,670 $11.3M Reduce -11.2%
CRM Salesforce Inc. 0.92% 32,164 $10.8M Reduce -0.8%
MRK Merck & Co Inc 0.88% 103,714 $10.3M Add +0.2%
STZ Constellation Brands Inc. Class A 0.86% 45,854 $10.1M No change
GOOGL Alphabet Inc. Class A 0.85% 52,495 $9.9M Reduce -5.5%
DLR Digital Realty Trust Inc. 0.82% 54,290 $9.6M Reduce -2.4%
AMT American Tower Corp. 0.80% 50,892 $9.3M Reduce -4.7%
WMT Walmart Inc. 0.78% 101,722 $9.2M Reduce -1.2%
SCHW Schwab (charles) Corp. 0.75% 118,718 $8.8M Reduce -0.8%
JNJ Johnson & Johnson 0.72% 58,625 $8.5M Reduce -0.8%
CVX Chevron Corp. 0.69% 55,996 $8.1M No change
BA The Boeing Co. 0.62% 40,807 $7.2M Reduce -3.5%
XLK SS Technology Select Sector 0.60% 30,200 $7.0M Reduce -0.6%
AXP American Express Co. 0.57% 22,460 $6.7M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.56% 59,315 $6.6M Reduce -0.2%
BMY Bristol-Myers Squibb Co. 0.52% 108,360 $6.1M No change
UBER Uber Technologies Inc. 0.50% 97,925 $5.9M Add +0.5%
QQQ Invesco QQQ Trust Series 1 0.49% 11,239 $5.7M Reduce -0.7%
PEP Pepsico Inc. 0.48% 37,200 $5.7M No change
CMCSA Comcast Corp. Class A 0.43% 133,400 $5.0M No change
MO Altria Group Inc. 0.41% 92,786 $4.9M No change
COST Costco Wholesale Corp. 0.40% 5,155 $4.7M Add +6.5%
SPG Simon Property Group Inc. 0.32% 21,988 $3.8M Reduce -0.7%
SHOP Shopify Inc. Class A 0.32% 34,955 $3.7M Reduce -5.0%
WDAY Workday Inc. Class A 0.30% 13,410 $3.5M Reduce -3.7%
BSX Boston Scientific Corp. 0.29% 38,600 $3.4M No change
XLI SS Industrial Select Sector 0.26% 23,042 $3.0M Reduce -0.5%
GD General Dynamics Corp. 0.25% 11,325 $3.0M No change
DELL INC 0.23% 23,180 $2.7M Add +131.8%
XLV SS Health Care Select Sector 0.23% 19,158 $2.6M Reduce -0.9%
XOM Exxon Mobil Corp. 0.19% 20,800 $2.2M No change
MMM 3M Co. 0.14% 13,100 $1.7M No change
TSLA Tesla Inc. 0.13% 3,840 $1.6M Reduce -16.8%
PANW Palo Alto Networks Inc. 0.12% 7,910 $1.4M Add +30.5%
IWM iShares Russell 2000 ETF 0.12% 6,417 $1.4M Add +7.0%
VRT Vertiv Holdings Co. Class A 0.12% 12,150 $1.4M New
ARLP Alliance Resource Partners 0.12% 52,000 $1.4M No change
XLY SS Consumer Disc Select Sect 0.11% 5,985 $1.3M Reduce -1.8%
GOOG Alphabet Inc. Class C 0.11% 6,900 $1.3M No change
RCL Royal Caribbean Cruises Ltd. 0.11% 5,450 $1.3M No change
AMGN Amgen Inc. 0.10% 4,600 $1.2M Add +4.5%
EPD Enterprise Products Partners 0.10% 38,200 $1.2M Reduce -2.5%
DKNG Draftkings Inc. Class A 0.09% 29,500 $1.1M Add +16.4%
CCI Crown Castle Inc. 0.08% 10,899 $989K Reduce -33.6%
CLX Clorox Company 0.08% 6,000 $974K No change
PFE Pfizer Inc. 0.08% 36,152 $959K No change
META Meta Platforms Inc. Class A 0.08% 1,540 $902K Reduce -16.3%
RTX RTX Corp. 0.07% 7,390 $855K No change
Hewlett-Packard Company 0.07% 25,600 $835K No change
AIQ Global X Art Intel & Tech 0.07% 21,058 $814K Reduce -3.5%
XLB SS Materials Select Sector 0.07% 9,582 $806K Reduce -3.2%
HAPN Happen Inc. filed as LENDINGCLUB CORP 0.07% 48,600 $787K Reduce -36.0%
AVB Avalonbay Communities Inc. 0.06% 3,385 $745K Reduce -6.9%
CPT Camden Property Trust 0.06% 6,409 $744K Reduce -7.2%
STWD Starwood Property Trust Inc. 0.06% 37,200 $705K No change
IBB iShares Biotechnology ETF 0.06% 5,259 $695K Reduce -16.0%
VFIAX Vanguard 500 Index-Adm 0.05% 1,167 $633K Add +0.3%
GAP The Gap Inc. 0.05% 26,600 $629K No change
JOET Virtus Terranova US Qual Mom 0.05% 15,070 $569K Add +0.1%
CI The Cigna Group 0.05% 2,000 $552K No change
XLF SS Financial Select Sector 0.05% 11,384 $550K Reduce -2.9%
HPE Hewlett Packard Enterprise 0.05% 25,600 $547K No change
VZ Verizon Communications Inc. 0.05% 13,235 $529K Reduce -5.0%
XLC SS Comm Select Sector SPDR 0.04% 5,256 $509K No change
AON Aon PLC Class A 0.04% 1,400 $503K No change
OKE Oneok Inc. 0.04% 5,000 $502K No change
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.04% 1,178 $501K Add +0.2%
KRE SS SPDR S&P Regional Bank 0.04% 7,800 $471K Reduce -75.7%
DVY iShares Select Dividend ETF 0.04% 3,321 $436K Add +0.3%
IGM iShares Expanded Tech Sector 0.04% 4,255 $434K No change
SONY Sony Group Corp. - SP ADR 0.04% 20,000 $423K Reduce -19.6%

Show all 130 holdings

Portfolio Sells Q3 2024 → Q4 2024
AMAT Applied Materials Inc. Reduce -0.4% 3.82% −1.01
AMT American Tower Corp. Reduce -4.7% 0.80% −0.28
MSFT Microsoft Corp. Reduce -1.0% 5.81% −0.26
RIO Rio Tinto PLC-Spon ADR Reduce -0.9% 0.99% −0.23
ABBV Abbvie Inc. Reduce -1.3% 1.49% −0.21
CAT Caterpillar Inc. Reduce -0.3% 2.07% −0.20
KRE SS SPDR S&P Regional Bank Reduce -75.7% 0.04% −0.12
UNP Union Pacific Corp. Reduce -1.4% 0.97% −0.11
JNJ Johnson & Johnson Reduce -0.8% 0.72% −0.10
CCI Crown Castle Inc. Reduce -33.6% 0.08% −0.08
HD Home Depot Inc. Reduce -1.2% 1.19% −0.08
ORCL Oracle Corp. Reduce -1.0% 1.40% −0.06
ABT Abbott Laboratories Reduce -1.2% 1.19% −0.04
CBOBA Bay Community Bancorp Sold out 0.00% −0.03
XLV SS Health Care Select Sector Reduce -0.9% 0.23% −0.03
IBM Intl Business Machines Corp. Reduce -0.3% 1.10% −0.02
TU Telus Corp. Sold out 0.00% −0.02
ABAT American Battery Technology Reduce -75.9% 0.02% −0.02
IBB iShares Biotechnology ETF Reduce -16.0% 0.06% −0.02
DE Deere & Co. Sold out 0.00% −0.02
IOT Samsara Inc. Class A Sold out 0.00% −0.02
META Meta Platforms Inc. Class A Reduce -16.3% 0.08% −0.01
XLB SS Materials Select Sector Reduce -3.2% 0.07% −0.01
XLI SS Industrial Select Sector Reduce -0.5% 0.26% −0.01
CPT Camden Property Trust Reduce -7.2% 0.06% −0.01
BE Bloom Energy Corp. Class A Sold out 0.00% −0.01
VZ Verizon Communications Inc. Reduce -5.0% 0.05% −0.01
HAPN Happen Inc. Reduce -36.0% 0.07% −0.01
WYNN WYNN Resorts Ltd. Reduce -13.2% 0.03% −0.01
AVB Avalonbay Communities Inc. Reduce -6.9% 0.06% −0.01
SONY Sony Group Corp. - SP ADR Reduce -19.6% 0.04% −0.01
DRIV Global X Autonomous&elec-ETF Reduce -7.1% 0.03% −0.00
ABNB Airbnb Inc. Class A Reduce -15.6% 0.02% −0.00
TLRY Tilray Brands Inc. Sold out 0.00% −0.00
AIQ Global X Art Intel & Tech Reduce -3.5% 0.07% −0.00
SPG Simon Property Group Inc. Reduce -0.7% 0.32% −0.00
XLF SS Financial Select Sector Reduce -2.9% 0.05% +0.00
WDAY Workday Inc. Class A Reduce -3.7% 0.30% +0.00
EPD Enterprise Products Partners Reduce -2.5% 0.10% +0.00
XLK SS Technology Select Sector Reduce -0.6% 0.60% +0.01
XLY SS Consumer Disc Select Sect Reduce -1.8% 0.11% +0.01
QQQ Invesco QQQ Trust Series 1 Reduce -0.7% 0.49% +0.01
TSLA Tesla Inc. Reduce -16.8% 0.13% +0.03
NOW ServiceNow Inc. Reduce -11.2% 0.97% +0.04
DLR Digital Realty Trust Inc. Reduce -2.4% 0.82% +0.04
GOOGL Alphabet Inc. Class A Reduce -5.5% 0.85% +0.05
BA The Boeing Co. Reduce -3.5% 0.62% +0.06
SHOP Shopify Inc. Class A Reduce -5.0% 0.32% +0.06
WMT Walmart Inc. Reduce -1.2% 0.78% +0.07
DIS The Walt Disney Co. Reduce -0.2% 0.56% +0.07

Portfolio Buys Q3 2024 → Q4 2024
AVGO Broadcom Pte Ltd. Add +0.5% 5.39% +1.35
DELL INC Add +131.8% 0.23% +0.13
VRT Vertiv Holdings Co. Class A New 0.12% +0.12
PANW Palo Alto Networks Inc. Add +30.5% 0.12% +0.03
VST Vistra Corp. New 0.03% +0.03
COST Costco Wholesale Corp. Add +6.5% 0.40% +0.03
CRWD CrowdStrike Holdings Inc. Class A New 0.02% +0.02
RH RH New 0.02% +0.02
ADP Automatic Data Processing New 0.02% +0.02
NVO Novo-Nordisk A/S-Spons ADR New 0.02% +0.02
FBGRX Fidelity Blue Chip Growth New 0.02% +0.02
DKNG Draftkings Inc. Class A Add +16.4% 0.09% +0.01
HACK Amplify Cybersecurity ETF Add +17.7% 0.03% +0.01
IWM iShares Russell 2000 ETF Add +7.0% 0.12% +0.01
CLNE Clean Energy Fuels Corp. Add +74.1% 0.01% +0.00
CLDI Calidi Biotherapeutics Inc. New 0.00% +0.00
JOET Virtus Terranova US Qual Mom Add +0.1% 0.05% +0.00
VFIAX Vanguard 500 Index-Adm Add +0.3% 0.05% +0.00
SWTSX Schwab Tot STK MRKT Indx Add +1.2% 0.03% +0.00
VWELX Vanguard Wellington-Inv Add +9.1% 0.02% −0.00
VWENX Vanguard Wellington-Adm Add +9.1% 0.02% −0.00
DIA SS SPDR Dow Jones Indus Avg Add +0.2% 0.04% −0.00
MDY State Street SPDR S&P Midcap Add +0.3% 0.02% −0.00
DVY iShares Select Dividend ETF Add +0.3% 0.04% −0.00
AMGN Amgen Inc. Add +4.5% 0.10% −0.02
UBER Uber Technologies Inc. Add +0.5% 0.50% −0.13
MRK Merck & Co Inc Add +0.2% 0.88% −0.14
PLD Prologis Inc. Add +0.9% 2.29% −0.46
AMD Advanced Micro Devices Add +0.3% 1.45% −0.54
LLY Eli Lilly & Co. Add +0.3% 5.24% −0.83

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2025 128$1.3BNVDA, MSFT, AVGO, AAPL, LLY
Q1 2025 122$1.1BNVDA, AAPL, LLY, MSFT, AVGO
Q4 2024Amended 130$1.2BNVDA, AAPL, MSFT, AVGO, LLY
Q3 2024 128$1.2BNVDA, AAPL, MSFT, LLY, AMAT
Q2 2024 130$1.1BNVDA, MSFT, LLY, AAPL, AMAT
Q1 2024 125$1.1BNVDA, MSFT, LLY, AAPL, AMAT